Home / Business / Chinese company to invest $28.20m in Uttara EPZ

Chinese company to invest $28.20m in Uttara EPZ

A Chinese company is going to invest USD 28.20 million to set up a Dyed Textile Yarn manufacturing industry in Uttara EPZ.

In this regard, Bangladesh Export Processing Zones Authority (BEPZA) and Chinese company M/s. United Spinning and Dyeing Ltd signed an agreement at BEPZA Complex in the capital on Monday, says a press release.

Ali Reza Mazid, member (Investment Promotion) of BEPZA, and Yu Min, managing director of United Spinning and Dyeing Ltd, signed the agreement on behalf of their respective organizations.
The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.

Executive Chairman thanked United Spinning and Dyeing Ltd. for choosing Uttara EPZ for investment. Mentioning upcoming Jashore and Patuakhali EPZ, he requested to make a plan to invest there in diversified products.

Yu Min said that it is their first project in EPZ and they have a plan to invest more. He hoped that the company would come into production within next October.

United Spinning and Dyeing Limited will create employment opportunities for 1,816 Bangladeshi nationals and produce annually 12,000 metric ton dyed textile yarn.

Among others, member (Engineering) Mohammad Faruque Alam, executive director (Administration) A N M Foyzul Haque, executive director (Investment Promotion) Md Tanvir Hossain, executive director (Enterprise Services) Md Khorshid Alam and executive director (Public Relations) ASM Anwar Parvez were present during the signing ceremony.